As Dubai developers reassured the world their ambitious construction projects would go ahead, officials from the emirate were expected in New York to shore up confidence after a debt landslide threatened its top companies.
Boosting Broadband; Banks' New Rules; Treasuries harder to buy
Top Dubai officials were due in New York on Thursday in an effort to rebuild confidence in the Gulf emirate's finances while at home, developers got back to the business of ambitious construction and leisure projects.
Development on Nakheel's The World islands, one of the assets the troubled state-linked developer may look to sell amid a debt crunch, is slated to begin within months, according to a newspaper report on Thursday. Nakheel's parent company, Dubai World has asked creditors for a standstill on $26 billion in debt, including $6 billion related to its property units, Nakheel and Limi...
Stocks should score a second straight year of gains in 2010 as an economic recovery brightens the profit outlook, extending the market's rebound from the depths of a punishing financial crisis, a Reuters poll showed on Wednesday.
Citigroup Inc said on Tuesday the Abu Dhabi Investment Authority filed an arbitration claim against it, accusing the U.S. lender of misrepresentation over a $7.5 billion investment by the sovereign wealth fund.
Abu Dhabi's $10 billion financial aid to fellow United Arab Emirates member Dubai to meet debt obligations was in the form of bonds, on similar terms to a $10 billion bond issue to the UAE central bank in February.
Gulf Arab countries endorsed a monetary union agreement on Tuesday despite the absence of major player the United Arab Emirates and fellow oil producer Oman and left options open for pegging their future single currency.
Dubai firms told bondholders they were safe a day after a bailout allowed troubled developer Nakheel to repay its bond, but investors still fretted over the future of the United Arab Emirates as an investment destination.
Repayment of a $4.1 billion bond issued by Dubai developer Nakheel was set to complete on Tuesday, when other Islamic bond issuers reassured investors in replies to a soundness and health check by Nasdaq Dubai.
Afghan President Hamid Karzai used a keynote anti-corruption speech on Tuesday to defend the most senior of his officials to be convicted of graft in years, a move that could anger Western backers who demand more accountability.
Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 were down 0.2 to 0.3 percent at 1006 GMT (5:06 a.m. EST), pointing to a weaker start on Wall Street on Tuesday.
The euro hit a 2-1/2 month low against a broadly firmer dollar on Tuesday while world stocks slipped as concerns grew about the European banking sector and the fiscal health of Greece.
The dollar steadied on Tuesday and Asian stocks wavered, despite improving appetite for riskier assets, as investors turned cautious ahead of a meeting of the U.S. Federal Reserve.
The dollar steadied on Tuesday while Asian stocks wavered as investors turned cautious ahead of a meeting of the U.S. Federal Reserve although Abu Dhabi's decision to throw a lifeline to Dubai continued to bolster risk appetite.
Gold futures closed higher on Monday, as the U.S. dollar fell after Abu Dhabi pledged to bail out Dubai, which increased the investment appeal in bullion.
A leading financial consultant has suggested that recent signs of a return to risk-taking could prove to be good news for people Buying Gold.
Gold prices made a moderate advance on Monday after news that Abu Dhabi agreed to back some of Dubai's debt pressured the dollar and lifted higher-yielding currencies such as the euro.
Stocks closed at 14-month highs on Monday as Abu Dhabi's $10 billion in aid to help Dubai avoid default eased concerns and a takeover deal by Exxon Mobil Corp raised optimism about mergers and acquisitions activity.
U.S. stocks rose on Monday, sending the Nasdaq up more than 1 percent, as the appetite for riskier assets returned, following news of Abu Dhabi's $10 billion rescue of Dubai, and Exxon Mobil Corp's planned takeover of natural gas supplier XTO Energy Inc .
U.S. stocks rose on Monday as Abu Dhabi's $10 billion in aid to help Dubai avoid default eased concerns, and a takeover deal by Exxon Mobil Corp raised optimism about mergers and acquisitions.
Lloyds completed a record 13.5 billion pound ($21.9 billion) rights issue on Monday, ending a turbulent period for the bank and shifting investor focus to a potential government stake sale in 2010.
